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Village Farms Intl Q2 Results

Village Farms International Inc. (VFF.TO) announced today results for the second quarter ended June 30, 2011. Revenues increased 15% to US$53.7 million compared to second quarter 2010 revenues of US$46.5 million; Earnings per share of US$0.01 versus a loss of US$0.04 during the second quarter of 2010; Net income increased to US$0.5 million versus a net loss of US$1.6 million for the second quarter of 2010; EBITDA increased 30% to US$6.0 million. Michael A DeGiglio, Chief Executive Officer, said: "We were pleased with our second quarter results supporting strong growth in revenues and income despite a remaining production issue during our last crop cycle that impacted our cost of production in one of our Texas greenhouses. We are pleased with the way we managed through the issue and that crop has been completed. Our Canadian crop is performing well and we have commenced initial harvesting from our new Texas crops. Pricing remains ahead of our forecast and prior year and we continue to increase our marketing partner relationships and capacity throughout North America."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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